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The Federal Reserve’s newest board member has said the U.S. economy is set to take off this year as Americans get vaccinations and become comfortable engaging in a wider range of activities.

During a CNBC interview Waller said, “I think the economy is ready to rip. Everyone is getting a lot more comfortable with having the virus under control and we’re starting to see it in the form of economic activity.”

Waller said he expects, “the U.S. economy to grow by 6.5% this year, the inflation to rise by about 2.5% and for unemployment rate to drop to about 5% by year end.”

Despite the brighter outlook, Waller said the U.S. economy still has a long way to go before those targets are achieved.

He also stated, “Whatever temporary surge in inflation we see right now is not going to last.”

The hope is that lawmakers act quickly if inflation continues to surge, but this reflects that we are headed in a good direction for economic recovery.

Meanwhile, the New York State Department of Labor sent out emails saying that many people received a duplicate payment back in April of…